5 Considerations for Every Grad Buying a New Car

Graduation is an exciting time for any young person. Hitting this milestone and heading off into the “real world” can be intimidating, to be sure, but it is also a time that is filled with many possibilities. And, to explore those possibilities, this is often a time when a car purchase will be made. With so many models and options out there to consider, we thought we would use this article to offer some basic advice to grads on picking out the right car for their life ahead.

At Taylor & Sons Chevrolet, we offer an excellent selection of new and used vehicles for grads and anyone else who may be in the market for a set of wheels. If you are ready to make a purchase, or if you would just like to check out what we have available, stop by soon and speak to a member of our friendly team. We are excited to serve you!

#1 – Think Practical
We get it – you want to make a statement with your first car purchase. It’s easy to get caught up in the various bells and whistles that can be found on modern vehicles, and you want something that you can show off to your family and friends. There is nothing wrong with that, but it’s important that you slow down and first think about practical matters before getting carried away.
At the very least, this car purchase should be something you can afford and something that will meet your needs. If you can find something that serves your practical requirements while also being fun to drive or having some cool features, that’s all the better – but start with practical and work out from there. Remember, the excitement of some of the extras you find may wear out quite quickly, and it’s the ongoing performance of the vehicle that will mean the most to your life.

#2 – Need vs. Want
Along the same lines as the practical discussion, it’s a good idea to think about what you really need in this vehicle purchase, and what would just be nice to have. For example, if you are going to be commuting a significant distance to a new job, buying a vehicle that gets good mileage would probably fall into the “need” category. You don’t want to be spending too much of your salary on fuel each month, after all.
Alternatively, something like leather seats may fall into the “want” category. Yes, they would be nice to have if you like the feel of leather, but they are far from a requirement. Other examples of things that are “wants” could include an upgraded stereo system, a large touchscreen display, etc. Do your best to make a list of both needs and wants and then use that list to help organize your shopping process.

#3 – Start with a Monthly Budget
While the overall price of the vehicle you purchase is important, it’s arguably more important to think about what the monthly cost of ownership will be. That cost of ownership total includes the monthly payment on your auto loan, but that’s only a starting point. Other factors that you need to roll into the math include insurance, ongoing maintenance, and fuel costs. Knowing how much you can afford to spend each month on your car or truck will help you decide what is truly within your budget and what should be left for a day in the future when your budget has grown.

#4 – Plan for a Down Payment
You don’t necessarily have to make a down payment of any significant size to purchase a vehicle – but it sure does help put you in a better position moving forward. If you are able to save up money to use as a down payment, you can bring down the amount that you have to finance, and your monthly payment will be lower as a result. Or you might be able to take out a loan with a shorter term, allowing you to pay off the loan sooner and take ownership of your vehicle outright.
It might take a bit of patience and discipline to collect the money you need to make a solid down payment on your vehicle purchase. Whether you need to wait a bit longer so you can save up, or you need to pick up some extra work in your spare time, you’ll look back and be glad you did what you needed to do to have a down payment in hand when the time came to buy. And, as another bonus, you might qualify for a better interest rate on your loan if you are bringing some cash to the table.

#5 – The Big Picture
It’s easy enough to fall into a mode of getting focused on just purchasing a car – any car – and you can wind up losing sight of the big picture along the way. Why are you purchasing this vehicle? Likely, the answer starts with needing to get back and forth to work, or even just to run basic errands and keep up with your day-to-day life. But there is probably more to your life than those routine patterns. What else do you do? For example, do you have a favorite hobby that you like to engage in? If so, make sure your new vehicle is suited to help you enjoy that activity moving forward. You don’t want this purchase to just work for part of your life – you want it to serve you well across the board.

One of the great things about shopping at Taylor & Sons Chevrolet is the friendly and experienced team that we have waiting to help you through this process. You aren’t going to feel rushed or pressured when you shop with us. Our goal is to sell you the right vehicle for your life, meaning that it fits all your needs from your budget to your lifestyle. Stop by at your convenience to see how we can help!

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